Ref Soyaoil On NCDEX Settled Up By 0.5% At 648.45

Ref Soyaoil on NCDEX settled up by 0.5% at 648.45 tracking firmness in spot demand despite of prospects of better supply amid bumper production estimates in India. Prices also seen supported cushioned by lower tariff rates fixed by government on March 15 which will boosted higher demand in domestic market for next 15 days. Government trimmed tariff value of soyoil to $805/tons as compared to $814/tons fixed on March 15. Tariff value of crude palm oil also fixed at $733 per tons as compared to $753 per tons. Government fixes import tariff value to curb under invoicing and it is revised fortnightly taking into account global rates.